Setting the Stage
Hello! This is Michelle Spalding and today I want to talk to you about setting the stage. No, I’m not talking about home staging. That’s not what I’m here to tell you about. What I want to talk to you about is setting the stage for a smooth transaction.
Here’s what I propose. When you get a property under contract no matter what side of the deal you’re on, you want to reach out and connect to every party that involved in the process.
Remember you’re only strong as your weakest link so you want to make sure that you tighten up or sure of those links at the very beginning to let everyone know how you want this process to take place. Reach out and connect to the buyer’s agent or the seller’s agent depending on which side you are on. Introduce yourself formally. Ask them do they prefer email, phone or text conversation and then they can know and do your best to communicate with them in the way that’s most effective to you in getting the information that you need.
Reach out to the sellers, to the Title Company. Let the Title Company who you are. Let them know that you are available and that you want to help if a situation arises. Let them know how to reach you and make sure they have a full and complete copy of the sales contract. Request a title commitment and a preliminary HUD at that time as well. Again, reminding them that you want this to be a smooth process for your clients and of course for yourself.
Reach out to the buyer’s lender. Introduce yourself. No matter whose side of the deal you’re on the lender should know how to reach you. The lender should also have a full copy of the sales contract and you want to let them know I’m looking for the appraisal. Make sure that you let me know when that comes in and how that came in. And also that you want to know when they have loan commitment ready and point out in the contract if there was a date that was agreed upon that’s when it’s due. It’s better that to let the lender know today that you’re expecting the loan commitment in three weeks than two days before the loan commitment is due to call and remind them that hey, the loan commitment is due in two days.
Whatever you do you want to proactively maintain communication with everyone involved in the transaction by setting the stage at the very beginning and letting all the parties know how you want this to take place. They will do their best I’m sure, to meet or exceed those expectations.
Here at Transaction Management Consultants, what we do is help our clients leverage their time. We also make sure that those other parties involved in the transaction are doing the things that they are supposed to be doing in order to make this a smooth closing for you.